After making a swift rebound over the weekend, Bitcoin and other crypto coins started the new week on a negative note. The US Fed has maintained the same interest rates, assisting the upward trend in digital assets. The officials' hawkish commentary, though, is undermining the feelings.
Following the weekend recovery, Bitcoin experienced some profit booking as the biggest cryptocurrency fell by roughly 0.5 percent and continued to trade below the USD 26,500 level. Ethereum, its biggest rival, also declined, falling slightly and remaining under the USD 1,750 mark. The altcoins experienced uneven price movement.
Following a turbulent week, bitcoin traded steadily over the weekend, keeping its trading range over USD 26,400. According to Edul Patel, co-founder and CEO of Mudrex, the inability of bears to keep BTC below the USD 25,000 mark may have encouraged optimistic investors to start a potential comeback.
"At the moment, BTC's support level is located at USD 26,386, and resistance is seen at USD 26,633. Similar to how Bitcoin and Ethereum traded in tandem, Ethereum is currently trading above the $1,720 mark. The overall tendency is still gloomy, he said.
Top crypto assets traded in a choppy manner on Monday. In the morning, Cardano and Polygon both lost 2% each, while Tron fell by 3%. Solana fell by roughly 1% on average. Shiba Inu was one of the gainers, rising nearly 3%, while XRP fell by 2%.
The market capitalization of all cryptocurrencies fell marginally in the recent day, dropping from USD 1.08 trillion to USD 1.07 trillion. The total trade volume did, however, decline by nearly 6% to USD 20.7 billion.
"Over the weekend and the previous day, cryptocurrency markets moved in a constrained range. The cryptocurrency fear and index is currently at 47, down 2 points, and has been below 50 for the past 10 days. According to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, the strength of Bitcoin suggests that investors are starting to regain some of their confidence following last week.
"Binance and the US SEC have reached an agreement that prevents the freezing of the assets in exchange for more openness and supervision. The agreement is made in light of a recently filed emergency order that requests the freezing of assets owned by Binance.US holding entities. However, development on the bigger litigation has yet to start, he noted.
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